Mohamed El-Erian has some views of the current state of the oil market.
First, he thinks that we have entered a new paradigm as the Saudis have made it clear that they are no longer willing to cut production to make room for shale production at high prices.
Second, these lower prices are a great net benefit for the global economy.
Third, several countries are at a tipping point. The obvious one is Russia, but in even more trouble were the already unstable countries of Venezueala and Nigeria.
